Solana recently tested the $138 zone before initiating a recovery wave. In order to start a steady increase, SOL price must surpass the key resistance levels at $150 and $155.
Current Price Action
Currently, SOL price is aiming for an upside break above the $150 resistance against the US Dollar. The price is currently trading above $145 and the 100-hourly simple moving average.
On the hourly chart of the SOL/USD pair, a connecting bullish trend line is forming with support at $146. The pair could potentially clear the $152.50 resistance to kickstart a short-term uptrend.
After dipping below the $150 level, much like Bitcoin and Ethereum, SOL price even dropped below the $142 support before finding support near $138.01. A recent low was formed at that point, and the price has since started a decent recovery wave.
The price managed to overcome the $142 and $145 resistance levels, with a move above the 50% Fib retracement level of the downward move from $161.89 to $138.01. Currently, SOL price is trading above $145 and the 100-hourly simple moving average.
Immediate resistance for SOL is near the $150 level, with the next major resistance around $152.50 or the 61.8% Fib retracement level. A successful close above $152.50 could pave the way for further gains, with the next significant resistance at $156.50. Further upside momentum could potentially push the price toward $160.
On the downside, initial support is expected near $145 and the trend line, followed by a major support level at $142. If the price fails to rally above $152.50, a potential decline could see the price testing the $138 level once again. A close below the $132 support may lead to further downside movement towards $125 in the near term.
The hourly MACD for SOL/USD is currently losing momentum in the bullish zone, while the RSI is hovering near the 50 level.
Major support levels to monitor include $145 and $142, while major resistance levels to keep an eye on are $152.50, $156.50, and $160.